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Away from stocks, green paper was quite a bit weaker, with the yen rallying about 1.5%. I don’t think there is much news in the action of the currencies, as it is only indicative of how lopsided the dollar bullishness had become. Fixed income saw a serious bounce, as did the metals, with silver adding 1% to gold’s 1.5% while the miners experienced a very strong day.

Battle Stations
It is my opinion, as I mentioned in Ask Fleck yesterday, and again today, that a resumption of the gold bull market is underway and that I think today’s action in gold puts an exclamation point behind that statement. The miners have been behaving better than gold itself for a few weeks now, even as sentiment for gold was worse than it was at the bear market lows of a year ago.

I suspect that there will be a fair amount of battle done between around $1,190 and $1,220 and we could see a fair amount of volatility in both directions. I’m not saying that will happen, but it could, and I also suspect a lot of people who might be friendly to the metals are waiting for gold to clear some portion of that zone before deciding it is once again safe to own it.

Included below are two questions and answers from the Q&A’s with Bill Fleckenstein.

Bonus Q&A

Fleckenstein On The Recent Weakness In Gold, Silver & MinersQuestion: Hey Bill. Great few days for the metals and sentiment seems to be turning. It was never about who won the battle. We want to win wars. I actually think Trump could be just the factor to send gold sky rocketing for any number of reasons…..Thanks

Answer from Fleck:“I agree.”

Question: Hi Fleck – Often when things are going south with the miners, your advice to readers is to wait for signs of stabilization before wading back in. How much stabilization is enough? Both the metals and miners are rallying right now, but levels are both lower than where I was buying on the dips, but higher than when you called the beginning of a new bull market.

Answer from Fleck:“I think the nasty correction is over and that, after a bit of back and forth action, the metals will take off. Unless they just take off now.”

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